Month: July 2016

We have just been instructed on this superb flat the other day. It has just undergone a redecoration throughout, new carpets, the bathroom and the kitchen were both already in good order!

This great apartment also comes with its own garage, communal parking and gardens with intercom system. Ideally located in Marple for transport links (i.e. 29 mins train into Manchester) and only a short walk to the village centre.

Currently on the market for £140,000 with an expected rent of £625 pcm giving a yield of 5.3%, a great buy to let!

Since the first quarter of 2015, average sales prices of detached properties in SK6 have increased by 1.4%, which represents the best performance of all property types. The next best performers were flats, which saw an increase of 1.0%, followed by semis. The poorest performance came from terraces. These of course are averages.

According to the last census, the most common type of property in Marple is a three bedroom house, which accounts for 48.2% of the total. This is 4.1% lower than the regional average but 1.7% higher than the national average. The next most common type of property is a four bedroom or more house (35.4%) followed by a two bedroom house (12.5%).

The volume of sales in a given area is a powerful measure of the vitality of local housing markets. In the last three years there have been 2,676 sales in Marple. Semis accounted for the largest number of sales (1,033), followed by detached properties (748), then terraces (685) and flats accounted for the fewest sales (210).

As I’m sure you’ve noticed, things have changed a lot for first-time buyers recently. Government schemes and mortgage requirements seem to change every week, so would-be homeowners have got to keep up. However, for those in the know, there are a lot more options in Marple than there used to be.

The first challenge awaiting would-be home-owners these days is the deposit for the mortgage. The bigger the deposit, the better the chances of getting a great deal. The minimum required deposit is around 5%, so with an average home in Marple valued at £219,100 locals will require a deposit of at least £11,000. That’s quite a lot of saving up, given that average annual salaries in the region are £25,700.

The Government has stepped-up to help make saving easier. The newly introduced ‘Help To Buy ISA’ will hopefully make saving for a first home quicker and less painful. Save £200 and the Government will contribute £50 each time.

The Government has also made it easier for first-time buyers to purchase new-build properties. With the ‘Help To Buy’ scheme, they still need a deposit of around 5%, but then the Government loan a further 20% interest free for the first five years, meaning they only need a mortgage for 75% of the property price. In London the loan is up to 40%. After year five they have to pay interest at 1.75% of the shared equity loan at the time they purchased the property, rising each year after that by the Retail Prices Index (RPI) plus 1%. Sell up or pay the mortgage back and they’ll be asked to repay the Government’s share of the loan, along with a share of any increase in the home’s value.

Interestingly, of the 146,500 people who took advantage of the ‘Help To Buy’ scheme between the 1st of April 2013 and the 31st of December 2015, only 25 of them were in Marple. Low figures are usually down to either low house building rates or local prices being above the £600k ceiling for ‘Help To Buy’.

Another option for buying a first home in Marple is shared ownership, which allows a would-be homeowner to part-buy part-rent their property. Back in 2011, there were 172 shared ownership properties in Marple and given the national growth rate there should be around 203 now.

Under this scheme, owners start off with buying anything from 25% to 75% of their home, usually with a mortgage, and paying a monthly rent to a housing association, who will usually give the occupier the chance to increase their ownership share, known as ‘staircasing’.

In Marple, the majority of households own one car (43.1% of all households). This is 0.6% higher then the average in the North West. The next most common category of car ownership in Marple is two cars (30.4% of all households), which is 6.9% higher than the average in the North West.

This one got reduced the other day and is now a very exciting Buy to Let opportunity. Located in the hart of Marple with easy access to train stations, local shops, bars, restaurants and with great schools only a short distance away this property would surely appeal to any tenant.

This property should look to achieve £650 pcm on the rental market with finding a tenant very quickly, due to such high demand! Giving a 5.2% yield!

Currently on with Edward Mellors, Marple it surely wont take long to sell.

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About the blog

This blog follows the property and buy to let market in Marple, The Bridge, Mellor and Compstall. You’ll find insight, commentary and analysis that relates specifically to SK6, along with the latest investment deals from all agents in the area.

jonathan hyde – co author

I have always worked in property and originally opened and head up Julian Wadden Marple. I am passionate about our area, so if you have any property related questions, whether buying, selling, letting out or just curious about what’s happening this very moment in the Marple, Marple Bridge, Mellor and Compstall property market then just pop into my office, alternatively call or e-mail me. I look forward to hearing from you and having a chat.

Jonathan Hyde

0161 427 0755
jonathanhyde@julianwadden.co.uk

alex bailey – co author

I am passionate about property and am fascinated by the ever-changing lettings market here in Marple and it’s surrounding area. If you have any questions about letting, current rental return or yields, tax and legal changes for landlords or anything else BTL related I would love to have a chat. So please pop into our office alternatively phone or e-mail me.